Thanks for all the replies guys,
I probably should've added a bit of what my plans are. Like I said I'm still a student and will be finishing up a BA in the next year. As far as interest goes I don't have a set craft that I want to do. I really do enjoy everything thats involved in the film making process from writing the script to doing the sound mix in post. I'm also the kind of person that likes to master everything thats involved in doing something. I'm definitely not the type of person who, say, enjoy's working with the lights but wants nothing to do with editing.
Right now I don't see myself taking in paying jobs. I also am not planning on supporting myself right now soley through this. I'm definitely prepared to do projects for little to no pay for a few years while working another job to support myself. With that said, I don't have specific projects I want to shoot right now in order to be able to rent. And because I'm not really getting any money kicked back to me, renting will probably cost a lot more in the long run.
What I'd plan on doing is mostly shorts done by myself, projects for non-profit organizations, and small jobs that I find on craigslist or get referred to. So this is all mostly for portfolio work and just to get as much experience as possible.
What my plan was is to get hold of $2,000 - $2,500 (whether credit card or loan) and spend about $1000 on a DVX100a (ebay), then go with $300 tripod, $400 decent shotgun mic, and $300 for lights. All used. So pretty much a starter kit and then build as I go. Then I'm hoping to add a 35mm adapter a few months later if I start getting larger networks and a bit bigger projects to work on....or if I'm able to pay off a good chunk of my equipment.
I'm just dying to do something and get out there. It's also hard because of working, school, internships, etc its hard to team up with people because I'm not that flexible. So I figure to take things in my own hands and if I'm the one with the equipment I'm setting up the dates.
Also worth mentioning...I'm in Boston, MA and probably will be for at least the next year.
Thanks again for the advice so far. If anyone has any more insight, experience, or advise let me know,